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Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
 The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity are seasonality, increased stocks and wet and dry weather conditions in the west and east respectively. While S. America activity has already been ‘’hit’’ by the summer seasonal cool-off, effects of El Nino are still evident on the palm oil exports from SE Asia. Needless to say that the impact of this has resulted in long lists of ships available and has pushed freight rates down to new lows. In the meantime, the CPP market in both the Atlantic and the Pacific has not provided support to Owners looking to escape the dull palm and vegetable oil market and has further extended their feeling of uncertainty.
Against Owners’ expectations, the traditional increase of demand before and after the Ramadan has failed to materialize this year. India and Pakistan, the main demand sources, have been very slow, while Europe and China have also been weak. However, the Middle East and Red Sea markets have experienced healthier activity, still not enough to absorb the ample tonnage around though. Palm oil shipments have been 8.5% lower in June compared to May, forcing a number of Owners to heavily compete for each cargo that becomes available in the market. Hire rates during the past month for the usual long haul MR TC Trip to Med-Continent-USA bss delivery at charterer's preferred load port, have dropped from $16,500 to $15,000 per day at the time of writing, the lowest fixing levels in a long time. As far as the regional SE Asia market is concerned, there has been a slight increase of cargoes quoted as charterers look to replenish their stocks, but overall the market is still far from achieving a balance.
After many months of a rather firm market, freight rates on the edible trade lanes from S. America have softened. Having been the strong leg on the triangulation trade for the dedicated on the edible oil market Owners, it has finally followed the rest of the routes on the downside. This is mainly the result of a sharp decrease in Indian demand, which has been traditionally the main destination of vegetable oils from S. America. However, the recent boost of CPP imports into Argentina has led many ships in the area, building as a result a long tonnage list and causing great supply/demand imbalance. On the other hand, there are serious delays on discharging those ships, which causes increased concern to Owners and Charterers that aim to get ships with firm itineraries. With ample tonnage available we do not expect MR veg oil freight rates to firm over the next few weeks. In fact, it is possible that they will soften further. At the moment, the rate for 40k mtons of cargo to India is about USD 36-38 pmt bss 2/2.
The outlook for the Black Sea/Med market is not very different compared to the previous months. Once again, activity is low and it is mostly small parcels that move around. However, there is better luck for FOSFA accepted vessels which are still in demand and able to negotiate better numbers. Despite the slow market, rates have been stable with the usual route to India on 12,000 tons fixing around $ mid/high 50s pmt bss 1/2.
As the summer months roll on, signs of recovery to 2015 levels remain scarce. More likely, palm oil exports/freight rates to India will remain slow until the next festive season of Diwali in October, as for rates ex-S. America things are more complicated, with Atlantic basket CPP fundamentals most likely being the key factor behind the performance of the market there.
By Stelios Kollintzas
Tanker Chartering - Specialized Products Desk
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 06 July 16
MARKET INSIGHT - VASSILIS VASSILIOU
After a fairly silent first half of the year in the ship repair sector, we have finally a harmonized workload in the shipyards around the world. Ma ...
Tuesday, 05 July 16
DRY BULK SHIPPING'S RECOVERY NOT SEEN UNTIL 2018 - SGX
SGX freight derivative volumes totaled 36,542 contracts in June (-28% m/m; +52% y/y), while open interest averaged 121,189 contracts during the mon ...
Tuesday, 05 July 16
SPOT COAL INDEXES FOR INDONESIAN COAL CONTINUE TO HOLD FIRM - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.83 percent week over week to averaging $39.98 per ton this past week, sh ...
Monday, 04 July 16
INDONESIA COAL PRICE REFERENCE CLIMBED 2.30% IN JULY
COALspot.com: The Indonesia Coal Benchmark Price increased in July 2016.
The Director General of Mineral and Coal of Indonesia, the r ...
Monday, 04 July 16
BDI ROSE ON STRONGER DEMAND ACROSS ALL VESSEL SEGMENTS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week. The BDI was up 11.16 percent from la ...
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- Indika Energy - Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Indo Tambangraya Megah - Indonesia
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- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
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